5. A' and B' are partners in a firm sharing profits and losses in the ratio of 6:4 Their balance sheet as on 31.03.2017 was as follows.
Balance Sheet as on 31.03.2017
Rs
Assets
20,000 Cash at Hand
6,000 Debtors 20,000
4,000 Less: PDD 00 Stock
Buildings
70,000 Furniture
Liabilities
Creditors
Bills Payable
Reserve Fund
Capitals: А
B
Rs
5,000
8.000 17,000
30,000
30,000
On 01.04.2017, 'C' is admitted into the partnership on the following terms: a) He brings ? 25,000 as capital and ? 8,000 towards goodwill for 1/6th share
in the future profits.
b) Depreciate furniture at 10% and appreciate buildings by 20%.
c) Provision for doubtful debts is no longer.
d) Provide 1,000 for repair charges. e) Goodwill is to be withdrawn by the Old Partners.
Prepare: i) Revaluation Account
ii) Partners' Capital Accounts & iii) Balance Sheet of the firm after admission.
(Ans: Profit on Revaluation Account ? 4,000, Capital Account balance: A - 7 44,800, B - 33,200, C - ? 25,000, Cash Account 38,000, Balance Sheet total 1,30,000)
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